Yep, my misunderstanding, thanks for the catch. BTW, the -t option in
the slurpd(8) man page says that the default dir is
<OPENLDAP_DIR>/var/openldap-slurp rather than
<OPENLDAP_DIR>/var/openldap-slurp/replica. I still would have more than
likely made this mistake due to my misunderstanding of the process but
this statement in the manpage is slightly off.

The manpage is correct. Slurpd creates a directory called "replica"
underneath the default location (or whatever location you specify).